The ratings on Germany-based chemicals producer BASF AG reflect the group's modest financial risk and its global leadership as an integrated chemicals producer, benefiting from a broadly diversified portfolio of commodity and specialty chemicals, crop protection products, and oil and gas activities. BASF had sales of €52.6 billion ($66 billion) for the 12 months ended Dec. 31, 2006, reflecting in part the recent acquisitions. The group's size and diversity allow for efficient portfolio management, which is an important source of strategic flexibility given that the key success factors in the chemical industry are continually changing. Since 1999, BASF has spent about €17 billion on acquisitions and received about €11 billion in disposal proceeds, exiting more mature and challenging businesses such
